It’s time to catch up on what’s going on in the food and beverage industry. Our top articles for August include the USDA’s prediction of rising food prices, what the metaverse could offer the food and beverage industry, and how rising food costs are impacting consumer’s shopping habits.
This guest article details how food brands can work to accelerate their ESG efforts, including tools for tracking and managing their ESG efforts throughout supply chains. Technology tools can be used to track supplier safety certifications and streamline processes, among many other benefits.
Food at home prices will increase 10-11% this year, followed by a 2-3% increase in 2023, according to recent data released by the USDA. This follows 2 years of significant price increases since the beginning of the pandemic. Some categories are expected to have very high increases.
Food brands are starting to explore the metaverse, and the technology is expected to impact industries in many ways. Some potential industrial benefits of the metaverse include quick and safe employee training, the ability to do simulations ahead of physical deployments, and product design collaboration around the world.
Most consumers (60%) say that cost is a top challenge, making customer acquisition even more difficult for CPG brands. This article includes information on four key consumer groups, how they’re dealing with the price pinches, and what brands can do to better connect with each group.
According to the Food Industry Association’s inaugural Power of Plant-Based Food and Beverages 2022 report, over 40% of shoppers at least occasionally eat plant-based foods. Still, many consumers are confused about the attributes of these products, with commonly associated words including “healthy,” “vegan,” or “vegetarian.”